Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

Common-Size Income Statement 

Boeing Co., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Sales of products 80.02 84.30 83.91 82.50 81.06
Sales of services 19.98 15.70 16.09 17.50 18.94
Revenues 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of products -86.28 -76.95 -81.02 -80.20 -93.83
Cost of services -16.71 -13.12 -13.68 -14.90 -15.87
Cost of products and services -102.99% -90.07% -94.70% -95.10% -109.70%
Boeing Capital interest expense 0.00 0.00 -0.04 -0.05 -0.07
Costs and expenses -102.99% -90.07% -94.74% -95.16% -109.78%
Gross profit (loss) -2.99% 9.93% 5.26% 4.84% -9.78%
Income (loss) from operating investments, net 0.11 0.06 -0.02 0.34 0.02
General and administrative expense -7.55 -6.64 -6.29 -6.67 -8.28
Research and development expense, net -5.73 -4.34 -4.28 -3.61 -4.26
Gain on dispositions, net 0.07 0.00 0.01 0.44 0.35
Loss from operations -16.10% -0.99% -5.33% -4.66% -21.95%
Other income, net 1.84 1.58 1.59 0.88 0.77
Interest and debt expense -4.10 -3.16 -3.80 -4.31 -3.71
Loss before income taxes -18.36% -2.58% -7.54% -8.08% -24.89%
Income tax (expense) benefit 0.57 -0.30 -0.05 1.19 4.36
Net loss -17.78% -2.88% -7.59% -6.89% -20.53%
Net loss attributable to noncontrolling interest 0.02 0.03 0.18 0.14 0.12
Net loss attributable to Boeing Shareholders -17.77% -2.86% -7.41% -6.75% -20.42%
Mandatory convertible preferred stock dividends accumulated during the period -0.09 0.00 0.00 0.00 0.00
Net loss attributable to Boeing common shareholders -17.85% -2.86% -7.41% -6.75% -20.42%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The financial data reveals several key trends and shifts in the company's performance over the five-year period analyzed.

Revenue Composition
Sales of products represented the majority of revenues, gradually increasing from 81.06% in 2020 to a peak of 84.3% in 2023 before declining to 80.02% in 2024. Conversely, sales of services decreased from 18.94% in 2020 to 15.7% in 2023 but rebounded significantly to 19.98% in 2024.
Cost Structure
The cost of products as a percentage of revenues showed a marked improvement from -93.83% in 2020 to -76.95% in 2023, indicating better cost control or improved efficiency. However, this trend reversed in 2024 when the cost surged to -86.28%. Similarly, the cost of services declined steadily to -13.12% in 2023 but increased to -16.71% in 2024. Overall, combined costs of products and services decreased from -109.7% in 2020 to -90.07% in 2023 but rose again sharply to -102.99% in 2024.
Profitability Metrics
Gross profit exhibited a significant turnaround from a negative margin of -9.78% in 2020 to a positive 9.93% in 2023, reflecting improved operational profitability. However, in 2024, gross profit dropped back to a negative margin of -2.99%. Loss from operations narrowed considerably from -21.95% in 2020 to -0.99% in 2023 but deteriorated to -16.1% in 2024. Similar trends were observed in loss before income taxes and net loss, both of which improved steadily until 2023 but worsened markedly in 2024.
Operating Expenses
General and administrative expenses decreased from -8.28% in 2020 to around -6.29% to -6.64% in the following years but increased to -7.55% in 2024. Research and development expenses fluctuated slightly but generally trended downward from -4.26% in 2020 to approximately -4.28% to -4.34% before rising substantially to -5.73% in 2024.
Other Income and Expenses
Other income showed a gradual increase from 0.77% in 2020 to 1.84% in 2024, providing some offset to losses. Interest and debt expenses increased in 2021 but generally remained between -3.16% and -4.31% over the period. Boeing Capital interest expense decreased steadily until no data appeared in the final years.
Net Loss Attribution
Net loss attributable to Boeing shareholders followed the overall net loss trend, improving each year from -20.42% in 2020 to -2.86% in 2023 but reversing sharply to -17.77% in 2024. The net loss attributable to common shareholders mirrored this pattern, with a slight additional charge in 2024 due to accumulated preferred stock dividends.

In summary, the company demonstrated significant improvements in cost management and profitability from 2020 through 2023, reducing losses and achieving positive gross margins. However, the year 2024 saw a reversal of these gains, characterized by increased costs, higher operating expenses, and a return to negative profitability. The variability in revenue composition, cost control, and expenses underscore challenges in sustaining profitability amidst fluctuating market or operational conditions.